UK-based fintech firm Finastra announced on Tuesday it has acquired Olfa Soft SA and its FX e-trading platform for banks and financial institutions. According to Finastra, the acquisition enables the company to deliver an end-to-end real-time eFX trading solution for banks’ treasury departments, covering distribution, position-keeping, post-trade, and payments. While sharing more details about the acquisition, Nadeem Syed, CEO at Finastra, stated:
“As the FX trading market shifts to automated, machine-to-machine electronic trading, it is crucial that we also evolve our solutions to stay ahead of industry developments and meet our customers’ needs. Bringing Olfa Soft into the Finastra fold enables us to provide treasurers around the world with an innovative approach to eFX trading which is unmatched in comprehensiveness in the market. What’s more, this is our first acquisition as Finastra and signals our commitment to ongoing innovation and growth.”
Finastra also revealed it has collaborated with Olfa Soft since June 2017 and has already seen significant interest from the market. Now, as one combined company, Finastra noted it can ensure even tighter integration of the FusionCapital Treasury solution suite with the Olfa Soft Seamless FX platform. Fabrice Benouaich, Co-Founder and CEO at Olfa Soft, commented:
“As FX markets become more competitive with trading increasingly conducted electronically, technology has to keep up with the pace and efficiency the market demands. We already know that our combined proposition works and now we’ll be able to help treasurers take eFX trading to the next level.”
Olivier Virzi, Co-Founder and COO at Olfa Soft SA, said:
“We’re extremely proud of the Seamless FX platform and the competitive edge it affords our customers. This new chapter enables us to combine our offering with Finastra’s leading solutions in this space to deliver even greater insight and efficiency to treasurers. We are thrilled to become part of the Finastra family.”
“This acquisition is a great opportunity to build on our expertise, capture significant market share in this space, and retain our position as the leading FX trading system provider. It’s a very exciting time for our treasury and capital markets business.”
The terms and price of the acquisition have not been disclosed at this time.